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Foibles, Fables and Failures: The Financial Press and its Keepers

by James Petras

11.23.2016 :: United States

Introduction: US officialdom and their media megaphones have systematically concocted narratives having less to do with political reality and more with their hallucinogenic world view. Pre-election and post-election reportage weaves a tapestry of fiction and fantasy.

We will discuss the most pernicious of these remarkable foibles and fables and their predictable failures.

1. The pundits, prestigious editorialists and ‘economists with gravitas’, have convinced themselves that the election of Donald Trump would ‘lead to the Collapse of Capitalism (COC)’. They cited his campaign attacks of globalization and trade agreements, as well as his ‘reckless’ swipes at speculators. In reality, Trump was criticizing a specific kind of capitalism. The pundits overlooked the variety of capitalisms that constitute the US economy. With their snouts deep in the trough, their own vision was limited; their curly tails blindly twirled meaningless formulae on blackboards; their ample backsides flapping away in place of their mouths. Thus occupied, they easily ignored Trump’s glorification of national capitalism.

Trump followed the legacy of protectionism in US policies established by George Washington and Alexander Hamilton and carried into the administrations of Franklin Roosevelt and others. Capitalism comes in various forms and is promoted by different protagonists at different times in our history. Some leaders have championed such economic sectors as domestic energy production, manufacturing, mining and agriculture and depended largely on the local labor markets. Nevertheless, the pundits’ dream of a final collapse of capitalism with the rise of Trump turned into a real stock market bonanza, the ‘DOW’ boomed to record levels, and monopolists rubbed their hands in anticipation of larger and more lucrative merger and acquisitions.

The world’s largest billionaire bankers had bankrolled Secretary Hillary Clinton, the ‘million-dollar-a-speech’ War Goddess. Blankfein, Soros and the dirty dozen had bet heavily against the populist-nationalist Donald Trump and they lost. Their pre-paid political manifestos, addressed to the readers of the NY Times, flopped and sputtered: Most readers and investors in domestic markets had placed their bets on ‘The Donald’. Their domestic celebrations pumped up the market after the election. The unimaginable had happened: George Soros had bet and lost! The ‘deplorable’ electorate preferred the obnoxious nationalist to the obnoxious speculator. ‘Who’d a thunk it?’

2. From electoral losers to street putschists, the speculators and their whiny media mouthpieces strive to overthrow the election process. Against the tens of millions of free voters, the speculators bankrolled a few thousands demonstrators, drunk with their own delusions of starting a color-coded ‘Manhattan Spring’ to overthrow the elected President. Decked out in black ‘anarchist chic’, the window vandals and historically illiterate students were energized by George Soros’ promise to replicate the putsches in Kiev and Tbilisi. They took to the streets, cracked a few some windows and signed thousands of ‘on-line petitions’ (while denouncing Trump as the ‘Second Coming of Kristalnacht’). The media magnified the theatrics as a sort of uprising to restore their loser-emancipator to the throne – the bleery-eyed Jean D’Arc of the Hedge Funds. The losers lost and Hillary will hopefully retire to count her millions. The stock market soared to record heights.

3. The four most influential financial newspapers, the Wall Street Journal (WSJ), the Financial Times (FT), the New York Times (NYT) and the Washington Post (WP) had deeply mourned their ‘Paradise Lost’: Long-gone was the rotting vassal-state of Russia under Boris Yeltsin 1991 – 2000, source of so much Western pillage. Their bile turned to venom, directed at the new Nemesis: Putin. The election of Vladimir Putin led to a remarkable economic and social recovery for Russia. From a Western controlled gangster-capitalist ‘thug-ocracy’, Russia has become a modern global power asserting its own sovereignty and national interests.

Gone are the days when Harvard economists could sack Russia of millions through their various ‘democracy’ foundations and Wall Street bankers could launder billions from the criminal oligarchs. Pentagon planners had dismantled Russian bases throughout its previous Warsaw Pact neighbors and set up NATO bases on Russia’s borders. State Department functionaries had overthrown elected pro-Russian regimes in the Ukraine, Georgia and as far afield as Libya. These were the unfettered joys of the US unipolar rulers and their stable of prestigious press pimps and academics, until Putin arrived to spoil the party. And in the run-up to the US election, the Clintonites and their Democratic entourage in the media launched the most frenzied demonic attack accusing Vladimir Putin of financing Trump’s campaign, of hacking Clinton’s messy, unsecured e-mail messages to undermine elections, of bombing Syrian hospitals full of children, of preparing to invade Latvia and Poland etc., etc. If there is one sliver of truth in the vassal press, it is that the demonic changes made against Putin reflected the gory reality of Hillary Clinton’s well-documented policies.

Clinton’s model for a democratic Russia was the drunken President Yeltsin, bankrolled by thugs as they gorged themselves on the corpse of the USSR. But Vladimir Putin was elected repeatedly by huge majorities and his governance has been far more representative of the Russian electorate than those of the recidivist loser, Hillary Clinton. Russia didn’t ‘invade’ the Ukraine or Crimea. It was the ‘potty-mouthed’ Victoria Nuland, US Undersecretary of State for European Affairs, who boasted of having tossed a mere 5 billion dollars into neo-fascist-kleptocratic putsch that took over Ukraine and who famously dismissed the concerns of the European Union…with her secretly recorded ‘F— the E[U]’ comment to the US Ambassador!

At some point, reality has to bubble up through the slime: Putin never financed Trump – the billionaire financed his own campaign. On the other hand, Clinton was bankrolled by Saudi despots, Zionist billionaires and Wall Street bankers. The mass media, the WSJ, FT, NYT and the WP, dutifully served the same stale, old sexist gossip about Trump in support of the sweet and sour, wide-eyed Madam Strangelove, who never hesitated to rip the lives out of thousands of Muslim women in their own countries. The media celebrated Madame Clinton’s nuclear option for Syria (the ‘No-Fly Zone’) while it ridiculed Trump’s proposal to negotiate a settlement with Putin.

The media accused Trump of being a sexist, racist, anti-immigrant villain, all the while ignoring Secretary of State Clinton’s blood-soaked history of bombs and destruction, of killing of tens of thousands women in the Middle East and Africa and driving hundreds of thousands among the two million sub-Sahara Africans formerly employed in Libya under Gadhafi’s rule onto rotting ships in the Mediterranean Sea. Who in Madame’s media count the millions of people dispossessed or the 300,000 killed by the US-promoted mercenary invasion of Syria? Where were the feminists, who now dredge up Trump’s crude ‘crotch talk’, when millions of women and children of color were killed, injured, raped and dispossessed by Madame Clinton’s seven wars? Given the choice, most women would prefer to defend themselves from the stupid words of a vulgar misogynist over the threat of a Clinton-Obama predator drone ripping their families to shreds. Nasty, juvenile words do not compare with a history of bloody war crimes.

It is much easier to denounce Xi Jinping, Vladimir Putin and Donald Trump than to analyze the consequences of Madame Candidate Clinton’s policies. The mass media, subservient to Clinton, wave the flag of ‘worker struggles’ and highlight ‘capitalist exploitation’ when they describe China, Russia and the businesses of US President-Elect Trump. But their perspective is that of the ‘Uni-Polar Empire’. They cite non-unionized worker protests in Chinese factories and peasants fighting the rapacious developers. They cite corrupt oil sales in Russia. They find cheap immigrant labor employed on Trump’s building projects. The media describe and defend Hong Kong separatists. They heap praise on the Uighar, Chechen and Tibetan terrorists as “freedom fighters” and “liberators”. They fail to acknowledge that, as bad as worker exploitation is in these examples, it is far less horrific than the suffering experienced by millions of local and immigrant peasants and workers who have been injured, killed and rendered jobless and homeless by US bombing campaigns in Libya and US invasion-destruction of Iraq, Afghanistan and Syria. The imperial media’s phony ‘anti-capitalist-exploiter stories’ against Trump, Putin and the Chinese are mere propaganda rhetoric designed to entice leftists, influence liberals and reinforce conservatives by playing on workers’ plight inflicted by national adversaries instead of imperial conquests and egregious crimes against humanity.

These financial scribes are very selective in their critique of economic exploitation: They denounce political adversaries while churning out vapid cultural stories and reports on the ‘eclectic tastes’ of the elite. Their weekend cultural pages may occasionally contain a critique of some predatory financiers next to a special feature on an unusual sculptor or successful upwardly mobile immigrant writer. Day after day, the same financial media publishes predictable ‘bootlickeries’ masquerading as reports on vulture capitalists, warmongers and imperial warlords. They court and offer advice to Wall Street, the City of London and Gulf State sheikdoms. They write in blubbering awe at the bold multi-billion dollar mergers and acquisitions, which eliminate competitive prices and establish effective monopolies. Then they deftly turn to rant against President-Elect Donald Trump’s pronouncements on workers’ rights – he is ‘the demagogue threatening free-market . . . capitalism’.

The fear and loathing of the ‘Wildman’ Trump, so evident in the four most prestigious English language newspapers, is nowhere to be found in reference to Secretary Clinton’s pathological glee over the gruesome torture-murder of the injured President Gadhafi by her allied jihadi tribesmen. The global and domestic implications of the US Secretary of State expressing glee and high pitched squeals on viewing the filmed torture and final ‘coup de grace’ on the wounded head of the Libyan President was never analyzed in the respectable press. Instead, the press superficially covers the plight of millions of immigrants and refugees who would never have left their jobs and homes were it not for the US destruction of the Middle East and North Africa. The respectable media defend the US officials directly responsible for the plight of these migrants flooding and threatening to destabilize Europe.

The same newspapers defend the ‘human rights’ of Chinese workers in local and US-owned factories who out-competed domestic American factories, but ignore the plight of millions of unemployed and destitute workers trying to survive in the US war zones and Israeli-occupied territories.

The Presidential elections made millions of American voters starkly aware of the mendacity of the mass media and the corruption of the Clinton political elite.

The media and the Clinton-elite denounced the Trump voters as ‘deplorables’ and totally mischaracterized them. They were not overwhelmingly unemployed, bitter former industrial workers or minimum wage, uneducated racists from the gutted ‘heartland’. ‘Angry white male workers’ constituted only a fraction of the Trump electorate. Trump received the vote of large sections of suburban middle class professionals, managers and local businesspeople; joined by downwardly mobile Main Street shopkeepers, garage owners and construction contractors. A majority of white women voted for Trump. City household residents, still trying to recover from the Obama-Clinton era mortgage foreclosures, formed an important segment of the Trump majority, as did underpaid university and community college graduates – despairing of ever finding long-term stable employment. In short, low-paid, exploited and precarious business owners and service sector employees formed a larger section of the Trump majority than the stereotyped ‘deplorable angry white racists’ embedded in the media and Clinton-Sanders propaganda.

Post-election media has magnified the political significance and size of the anti-Trump demonstrations. Altogether the demonstrators barely surpassed a hundred thousand in a country of 100 million voters. Most have been white students, Democratic Party activists and Soros-financed NGOs. Their demonstrations have been far smaller than the huge pro-Trump public rallies during the campaign. The pro-Clinton media, which consistently ignored the size of Trump’s rallies, doesn’t bother to make any comparison. They have focused exclusively on the post-election protest, completely papering over the outrageous manipulation by which the Democratic National Committee under ‘Debbie’ Wasserman Schultz cheated Clinton’s wildly popular left-wing rival, Bernie Sanders, during the primaries.

Instead, the media has been featuring Clintonesque ‘feminist’ professionals and ‘identity’ political activists, ignoring the fact that a majority of working women voted for Trump for economic reason. Many politically conscious African-American and Latino women knew that Clinton was deeply involved in policies that deported 2 million immigrant workers and family members between 2009 – 2014 and destroyed the lives of millions of women of color in North and Central Africa because of her war against the government of Libya. For millions of female and male workers, as well as immigrants – there was a ‘lesser evil’ – Trump. For them, the Donald’s nasty remarks about women and Mexicans were less disturbing than the real history of Hillary Clinton’s brutal wars destroying women of color in Africa and the Middle East and her savage policies against immigrants.

The more bizarre (but transient) aspect of the anti-Trump smear campaign came from a hysterical section of the pro-Hillary ‘Zionist Power Configuration’ (ZPC) and ‘Israel-First’ crackpots who accused him and some of his appointees of anti-Semitism. These venomous propagandists slapped the Manhattan real-estate mogul Trump with an odd assortment of labels: ‘fascist’, ‘misogynist’, ‘anti-Israel’, Ku Klux Klan apologist and White Nationalist. The Minnesota Senator and former comedian Al Franken described Trump’s critique against Wall Street Bankers and finance capital as ‘dog whistles’ for anti-Semites, labeling the candidate as a 21st century disseminator of the ‘Protocols of Zion’. Senator Franken darkly hinted that ‘rogue’ (anti-Semitic) agents had infiltrated the FBI and were working to undermine Israel’s favorite, Clinton. He even promised to initiate a post-election purge of the FBI…upon Clinton’s victory… Needless to say, the Senator’s own rant, published (and quickly buried) two days before the election in the Guardian, did not help Madame Hillary with the security apparatus in the United States. History has never been a strong point with the Comedian Senator Al Franken, who should have know better than to threaten the deep security state: his Mid-West predecessor Senator Joseph McCarthy quickly deflated after he threatened the generals.

The accusations of anti-Semitism against Trump were baseless and desperate: The Trump campaign team has prominently included Jews and Israel-Firsters and secured a minority of Jewish votes, especially among smaller businesspeople supporting greater protectionism. Secondly, Trump condemned anti-Semitic acts and language and did not appeal to any of the extremist groups – let alone ‘cite the Protocols of Zion’.

Thirdly (and predictably) the Zionist Anti-Defamation League (ADL) slapped an anti-Semitic ‘guilt by association’ label on Donald Trump because of his consistent criticism of US wars and occupations in the Middle East, which Trump had correctly pointed out cost the US over two trillion dollars – money that would have totally rebuilt the failing US infrastructure and created millions of domestic jobs. For the loony ADL, the US wars in the Middle East have enhanced Israel’s security and thus any opposition to these wars is anti-Semitic or ‘guilt by association’.

The ADL directors, who have raked in over $3 million dollar salaries over the past 5 years ‘protecting’ US Jews, objected to Trump because Hillary Clinton was the darling of the pro-war Israel-First lobbies and Obama-Clinton appointees.

Trump’s daughter Ivanka (a convert to Judaism) is married into a prominent Orthodox Jewish family with strong ties to Israel; the Trump clan is close to elements among the Israeli elite, including the uber-racist Netanyahu. These hysterical slanders against ‘Trump the Anti-Semite’ reflect the fact that the most prominent domestic Jewish power bloc, ‘the 52 Presidents of American Jewish Organization’ had invested heavily in Hillary Clinton. No matter what the cost, no matter what the land grab, no matter how many Palestinians were ‘killed or maimed by Jewish settler-vigilantes’; the State of Israel could always count on Clinton’s unconditional support. The Lobby would not need to ‘petition’ their ‘First Woman’ President; Madame Hillary would have anticipated Israel’s every desire and even embellished their rhetoric.

In the end, Senator Al Franken’s rabid anti- Trump rant went too far . . . vanishing from the Guardian website in less than one day. Influential Zionist organizations turned their backs on the Senator Comedian; the Zionist Organization of America reprimanded the ADL for its intemperate slanders – sensing that Clinton could lose.

The Franken-Zionist power structure’s last-ditch efforts to attack Trump must have provoked a very negative response within the US ‘deep state’. There can be no doubt that the entire intelligence, military and security elites struck back and put their organizational ‘thumb on the scale’. The FBI’s release of damaging documents related to Secretary Clinton undermined the ADL’s candidate in the run-up to the election and hinted at an interesting power struggle behind the curtains.

The FBI’s release of confidential documents, likely including epistles from Chappaqua to and from Tel Aviv, linked tangentially to the pedophilic crimes of the disgraced Congressman (and former Clinton ally) Anthony Weiner was a heavy blow. The Netanyahu Cabinet put distance between themselves and their favorites, probably telling AIPAC leaders to muzzle Al Franken and pretend his threats to purge the FBI had never been launched. They were clearly worried that their lunatic attack dogs could set the entire US Security State on a hostile track against Israel.

The Franken-ADL trial balloon fizzled and disappeared. The intelligence establishment pounded the final nail into the coffin of Hillary Clinton’s Presidential aspirations. She even briefly accused the FBI of ruining her candidacy – hinting at some partial but oversimplified truth. A Zionist darling to the end, Hillary would never dare to identify and castigate the crazy and incompetent Zionist provocateurs that had helped to turn the Deep State against Madame Secretary.

A last note: Once Clinton lost and Trump took ‘the prize’, the Zionist Power Structure deftly switched sides: the former ‘Anti-Semite’ candidate Trump became ‘Israel’s Best Friend in the White House’. None of the 52 leading Zionist organizations would join the street protests. Only vulture-speculator George Soros (who had bet heavily on the wrong horse) would finance the motley group of goys marching in the streets and collecting on-line petitions for ‘democracy’.

The foibles, fables and failure of the financial press and their keepers lost the elections but are back, hard at work, remaking President-Elect Trump into a global free marketer.